Built Technologies, which claims to be one of the fastest-growing construction and real estate software providers in the U.S., has announced a strategic investment from Citi through its SPRINT program.
Citi SPRINT (Spread Products Investment Technologies), the strategic investing arm of Citi’s Global Spread Products division (GSP), is “part of Citi Institutional Strategic Investments (ISI).”
Citi SPRINT focuses “on incubating innovative fintech companies that provide strategic relevance and next-generation solutions to the financial markets.”
Built plans “to use the investment to accelerate its growth in commercial real estate (CRE) asset management and enable further operational and technological enhancements.”
Through the utilization of Built’s platform, Citi will “have the opportunity to introduce digitization solutions to other lenders, developers, and borrowers in the ecosystem.”
Chase Gilbert, CEO and Co-founder of Built, said:
“The investment from Citi SPRINT opens a new market opportunity for Built to gain traction with one of the largest U.S. financial institutions in the real estate industry. Citi SPRINT’s investment is a testament to Built’s vision and the value Built delivers to its customers. The investment presents a unique opportunity, and one that will further accelerate our market reach.”
Mickey Bhatia, Head of Global Spread Products at Citi, said:
“GSP consistently seeks to drive value and enhance our client experience through innovative digitalization efforts with industry-leading software providers. Our investment in Built Technologies extends this commitment by helping to further modernize our Financing and Securitization franchise. With this partnership, we seek to cultivate higher standards of service for our clients and the broader market.”
Citi Community Capital, another business in GSP, “provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance, and acquire multifamily affordable housing across the country.”
Jeremy Johnson, Co-Head of Citi Community Capital, said:
“Citi Community Capital is pleased to work with Built on enhancing Citi’s existing technology to better manage commercial real estate draws, expedite loan management reporting, and improve borrower experience.”
She added.
“Built has achieved strong growth due to its ability to help lenders achieve efficiencies, expedite revenue generation, and serve their customers more effectively,” said Katya Chupryna, Director, SPRINT. “By investing in Built and bringing their innovative solutions to Citi, we empower Citi Community Capital and other CRE lending businesses to grow faster and serve clients better.”
Built Technologies’ innovative software platform “streamlines the construction loan administration process by simplifying the management of funds and documentation, allowing lenders to administer their construction loans more efficiently.”
The company’s technology “enables faster funding decisions and draws, while providing real-time transparency and visibility into the status of construction projects through Built’s CRE data model.”
More than 250 banks and private capital providers use Built’s cloud-based solution “to create a centralized system of record and accelerate the flow of capital from lenders to borrowers, contractors, and vendors.”